Contract Bidding and the Process Involved in it
Contract bidding is one of the most happening parts of federal projects. For contractors pursuing public works projects (city, state, and federal), bidding is how they acquire new jobs. A lot goes into creating the project proposal. The estimating, materials, subcontractor pricing, insurance, it all takes time. When their bid is smashed, they lose time and spend fortune plus the revenues are unrealized. The Process Nearly all the public works projects demand bid security along with the proposal. These are usually issued in the form of a Bid Bond. The contractor uses a Bond Request Form to in order to update the surety about the upcoming event. They state an estimated contract bidding price on the bond request form, which is the focus of the underwriting decision. It is the approximate expected amount in case the contract is awarded. The Issues Remember, bid documents might not approve any new, higher amount, which further result in lost opportunity. F...